Synopsis As Introduced Amends the Private Business and Vocational Schools Act of 2012. In provisions regarding institution and program approval criteria, provides that a part of the criteria for approval is fair and equitable reimbursement in the case of an unfair or deceptive practice finding. Amends the Higher Education Student Assistance Act. In provisions concerning the monetary award program, sets forth provisions concerning an institution that received monetary award program funds at a time the institution was using unfair or deceptive practices, including refunding State funds to the Illinois Student Assistance Commission and awarding grants to students who attended that institution. Amends the State Finance Act to create the MAP Refund Fund as a special fund in the State treasury. Effective immediately.
Replaces everything after the enacting clause. Amends the Private College Act. Provides that, if a for-profit, post-secondary educational institution that received monetary award program funds at a time the institution was found to have been using an unfair, misleading, or deceptive practice and if the educational institution is required to reimburse students for loans taken to pay for the students' education in accordance with a final judgment against the institution issued by a court of competent jurisdiction, based on acts occurring at least 6 months after the effective date of the amendatory Act, then any monetary award program funds paid to that institution for students who attended the institution during the period of judgment or determination must be refunded to the Illinois Student Assistance Commission. Sets forth provisions concerning the issuance of a refund, notification, and the award of grants to students. Amends the State Finance Act to create the MAP Refund Fund as a special fund in the State treasury. Effective immediately.